Breaking News English

Facebook CEO Mark Zuckerberg is expected to details of an ambitious plan for his company to a new global crypto-currency. A white paper outlines a plan that is designed to create a new global currency. It will the entry of the social network site into the lucrative financial services market. The crypto-currency is Libra. Facebook said it aimed at the millions of people around the world who cannot a bank account. Libra will people to send and payments anywhere in the world with minimal fees. The banking will done online via the myriad of Facebook-owned apps. The 2.7 billion users of Facebook and WhatsApp will access to the Libra crypto-currency.

Analysts say Libra some similarities to the Bitcoin crypto-currency. However, a major difference is that Libra will a more stable currency and will the wild fluctuations in value that Bitcoin has . Libra will be up by a basket of currencies, such as the dollar, euro and yen. It will also have the backing of major multi-national companies like Mastercard, PayPal, Spotify and Uber. The new crypto-currency could Facebook's fortunes. The finance company RBC Capital Markets said: "We [Libra] may to be one of the most important initiatives in the history of the company, to new engagement and [ new] revenue streams."